Choosing the right Martech solution for your business.
The Marketing Technology industry grew by 25% between 2019 and 2020 and the number of Martech solutions that are available worldwide stands at 8000. Such growth is enough to invoke hope in any marketer’s mind that the perfect solution for their problem exists out there. Yet, at the same time, choosing from these seemingly endless options can prove to be intimidating for any marketer.
For a B2B marketer, choosing the right Martech solution can make a huge impact on optimizing their sales funnel, data and resource management, content creation, decision making, and other sales processes. So whereas getting a suitable Martech solution can streamline your sales process, mistakenly adopting an unsuitable solution can prove to be a liability because it may just end up adding another layer of complexity to your system without adding any real value.
Before making a choice for a Martech solution there are a handful of best practices that you should involve in your screening process to make a sound selection. Let’s go through them one by one below –
1. Analyze your sales funnel –
First, identify specific shortcomings in your current sales funnel and the corresponding processes that need to be improved. Then search for those Martech Solutions that can help you to improve upon them. For example, if you are facing problems in your audience outreach process, then getting a solution with a robust email-automation system or with a strategic inbound lead generation workflow is the one you should go for.
2. Focus on core functionality –
Due to the surge in data availability and AI hype, vendors are forced to add myriad features in their products that look promising but in reality, add little value to your business. For example – insights gathered from redundant data are of no value in decision making, or automation of processes that require restructuring of your system and retraining of your staff are more troublesome than being beneficial. So, evaluate a solution based on how well it performs the core functionalities that matters to your business.
3. Consider the ease of adoption –
No Martech solution, right out of the box, can be assimilated into your system without any tweaks. But there will be solutions that are more flexible and suitable to your workflow. Your objective should be to choose those solutions that minimize your cost of adoption. The cost, in terms of customization, training, syncing of data, can be enormous if your system is highly distributed. A thorough inspection of your current infrastructure and assessing the adoption efforts can provide you with a good reference to inspect the ease of adoption of any solution.
4. Evaluate the brand value and market-share –
Brand value and market share of a solution vendor can be a good indicator of the robustness and maturity of their solution. Through years of refinement and implementation of customer feedbacks these vendors have optimized their products. A bigger market presence also necessitates the vendor to keep up with the latest developments and to roll out future upgrades and security patches expediently.
5. Don’t forget the pricing and support –
As mentioned before there are a ton of Martech solutions that are available in the market to choose from. But setting a budget will help you in honing on the one most affordable to you. Most vendors now follow the SaaS model of software distribution in which you can buy yearly subscriptions. This helps in keeping the upfront costs low and also gives the choice to the businesses to later discontinue the service if they didn’t find the solution up to the mark. After-sales support is also a factor to be considered as any solution requires constant support and training for the initial few months. Some vendors offer paid or freemium support. That can be availed if the budget permits and after-sales support is crucial for your business.
Selecting the right Martech Solution can be a time-consuming process. But by keeping in mind the above points, one can make a great choice in a reasonable amount of time. Investing in the right Martech Technology is one of the best strategies to accelerate your sales and business. But if you are new to sales or looking for ways to generate quality leads for your business then you might need to get professional services from an industry leader. We, at TSL, provide the best-in-class lead generation, inbound marketing, and profiling services for businesses. Check out our services and feel free to contact us.